Risk management is a scientific approach to deal with insurable and un-insurable risks faced by business and individuals and to manage these risks through appropriate techniques. The emphasis of risk management is on reducing the cost of handling risk by whatever means that are considered most appropriate.
The Risk Consulting Practice at Viskon consists of the specialized risk management consultants with rich experience in Risk Identification, Analysis & Mitigation strategies. We assist large corporates; small & mid-sized organizations make informed and calculated decisions around business risk strategy.
Our Risk Management Methodology for administering your financial risk exposure is as follows:
Risk Determination: Assess your organization's risk exposure by identifying potential risks of financial loss from all business operations, assets etc. As risk consultants, we understand and study the operations of your organization and identify the risks the business is exposed to.
Risk Analysis: Viskon's Risk Analytics ART Model uses the following approach for risk analysis:
Determine Frequency / Likelihood of occurrence using organization data / industry trends
Evaluate Financial Impact or Severity by quantifying individual areas of risk
Build your organization's risk profile and categorize all possible risks under the ART buckets
Risk Avoidance: Viskon's risk avoidance strategy is designed to deflect as many threats as possible in order to avoid the costly and disruptive consequences of a damaging event. Our risk avoidance methodology is aimed to eliminate or minimize vulnerabilities which can pose a threat and can be achieved through design and implementation of effective processes and control mechanisms such as changes in standard operating procedures, training and education and technology initiatives.
Risk Retention: Based on your organization's risk appetite, we define the risk retention strategy whereby we suggest the organization to retain a reserve fund for the purpose of offsetting unexpected financial losses.
Risk Transfer: We formulate the risk transfer strategy of your organization by:
reviewing the risk profile of your organization
evaluating existing risk-transfer insurance arrangements (if any)
Insurance Cover Selection: We help in prioritizing the risks which should be covered under Insurance. This preserves the operating effectiveness of your organization and helps ensure that your organization is focused on achieving its vision &goals rather than the losses arising from risks.
Selection of Insurance Policy and Insurance Company: We arrange a detailed comparison of various policies from various Insurance Companies and help you to select most suitable policy at the most economical price.
Periodic Risk Review: We identify new potential risks and evaluate financial exposures through regular risk review, surveys and audits.